Multi-Unit Rental
2407 W Indiana Ave Midland, TX 79701
2407 W Indiana Ave, Midland, TX, 79701
$325,000
For Sale
$325,000
SINGLE_FAMILY - Midland, TX
Property Size2,049 SF
Lot Size0.13 Acres
Price / SF$158.61
Days on Market43
Property Features for 2407 W Indiana Ave
General Information
- Property type
- Residential
- Property subtype
- Retail
- Appliances
- Individual AC Units
- Standard status
- Active
- APN
- R000227886
- Size
- 2,049 SF
- Lot size
- 0.13 Acres
Taxes and HOA fees
- Tax Annual Amount
- 3015
Building Details
- Year built
- 1965
- Building materials
- Metal Siding
- Roof type
- Composition, Flat
Listing Agency
Keller Williams Realty - Midland & Odessa
(432) 520-5151
4920 N Midkiff, Midland, TX
Listed by
Cynthia Martinez · License #TREC 0703055
(432) 978-2110
Added: Jun 5 Checked: Jul 17 at 10:06 pm
MLS# 173453
Copyright © 2026 Odessa Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This property consists of three rental units on a single parcel, with the site already surveyed and platted. It’s being offered for sale with owner financing available, and it provides an established layout for buyers looking to update and reposition the units.
The property is located in Midland, Texas, at 2407 W Indiana Ave (79701). Public remarks note convenient access to downtown and the interstate, making it a practical option for investors or owner-operators who want a manageable site in an accessible area.
Because the offering involves multiple rental units, it may fit buyers seeking a small, multi-unit setup for renovation or repositioning. The seller also directs buyers to verify zoning and any applicable restrictions prior to closing or undertaking improvements, which is important given the property’s intended redevelopment planning. Buyer and buyer’s representatives should confirm all intended uses and requirements during due diligence, including any constraints that could affect renovation scope, unit configuration, or operations.
The property is located in Midland, Texas, at 2407 W Indiana Ave (79701). Public remarks note convenient access to downtown and the interstate, making it a practical option for investors or owner-operators who want a manageable site in an accessible area.
Because the offering involves multiple rental units, it may fit buyers seeking a small, multi-unit setup for renovation or repositioning. The seller also directs buyers to verify zoning and any applicable restrictions prior to closing or undertaking improvements, which is important given the property’s intended redevelopment planning. Buyer and buyer’s representatives should confirm all intended uses and requirements during due diligence, including any constraints that could affect renovation scope, unit configuration, or operations.
Key Highlights
- Metal‑sided property built in 1965 with flat and composition roof
- Three rental units on one parcel
- Appliances include individual AC units
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $30.7k | $15.00 |
| − Vacancy | −$2.2k | −$1.05 |
| EGI | $28.6k | $13.95 |
| − OpEx | −$8.6k | −$4.19 |
| NOI | $20.0k | $9.76 |
2,049 SF · lease $15.00/SF/yr · vacancy 7.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$285.8K
$250.1K – $333.5K
NOI $20,008 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$483.3K
$422.9K – $563.9K
NOI $33,833 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Storefront property - Three rental units on one parcel, surveyed and platted, offering a straightforward foundation for renovation planning.
Where is this storefront property located?
The property is located at 2407 W Indiana Ave Midland, TX.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Metal‑sided property built in 1965 with flat and composition roof; Three rental units on one parcel; Appliances include individual AC units
